The Bitcoin price (BTC/USD) has dropped below the $6,500 mark amid a continuing corrective trend felt across the broader digital currency market.
Despite experiencing some decline yesterday, the original currency for the most part managed to limit is losses, especially in comparison to some of the prominent altcoins on the market. After failing to defend the $6,700 mark during the early hours of the session, the digital coin spent the rest of the session trying to resist the continuing selling pressure. While the coin showed a lot of resilience during the session, it finally gave in to the pressure in late trading. This led to a close of $6,595.41 and marked the beginning of bigger slump that brought the Bitcoin down to a five-day low in today’s morning session.
Having fallen to around $6,450, as part of the initial drop, Bitcoin attempted to bounce back, but it faced significant resistance near the $6,500 mark. The coin has since pulled back again, falling to an intraday low of $6,405.73. At the time of writing the Bitcoin price was hovering around the $6,415 mark, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s decline is part of a larger corrective trend that has led to significant price declines across the crypto market. Major altcoins, such as Ethereum (ETH), EOS, Stellar (XLM) and Cardano (ADA) have seen near double-digit percentage losses in the past 24 hours, while last week’s standout performer, Ripple (XRP), has plunged by more than 15% over the same period.
In today’s trading, the Bitcoin price stood at $6,424.80, as of 09:57 BST. The coin has lost 3.3% of its value in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at just over $111 billion, which represents 53.5% of the combined value of all digital coins.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.